A year ago, Fannie Mae made a commitment to provide $1 trillion for affordable housing over the following seven years.
The announcement captured headlines nationwide and won praise for the Federal National Mortgage Association from housing activists and political figures. But it also made some investors and securities analysts uneasy because of fears that the agency's profitability would be impaired.
But investor concern appears to have receded to the background in the face of solid earnings reports. Eric Hemel, a Morgan Stanley analyst who praised the program a year ago as politically astute, said Wednesday that he still thought it was effective.
"If they miss the target by a few percentage points, that's hardly a foul," he said.
On Wednesday, looking to renew public recognition for its $1 trillion plan on its anniversary date, Fannie Mae announced that it had financed $101 billion of home mortgages "for families most in need" in the plan's first year.
Fannie, formally the Federal National Mortgage Association, said this represented a bit more than 10% of its seven-year goal. It also cited programs it had put in place in a bid to reach the $1 trillion mark.
James A. Johnson, chairman and chief executive, said: "We are ahead of our lending forecast."
He said the $101 billion of loans had been made to nearly 1.5 million households with incomes at or below the median for their community; minorities; new immigrants; residents of central cities and other underserved areas; and people who have special housing needs.
Mr. Johnson said that in order to meet the $1 trillion goal, the company's targeted financing would have to increase by nearly $200 billion over what it otherwise would have been.
The company listed some initiatives it had introduced in the past year:
*An outreach campaign. The campaign, the company said, uses television, radio, print advertising in several languages, and other means to provide people with the information they need to buy homes. Some 600,000 people have responded.
Saying yes. Fannie says it wants to have all applications be approved either up front or after counseling efforts.
Other initiatives include the opening of "partnership" offices; targeting immigrants; fighting discrimination; experiments in underwriting; efforts to develop additional mortgage products; multifamily efforts; and cost reductions.
